CAH Cardinal Health Inc

   By Dave Sebastian 
 

Cardinal Health Inc. (CAH) reported a first-quarter loss as it booked opioid-litigation expenses.

The company posted a net loss of $4.92 billion, or $16.65 a share, compared with a profit of $593 million, or $1.94 a share, in the comparable quarter last year. Analysts polled by FactSet were expecting a profit 70 cents a share.

Adjusted earnings were $1.27 a share, compared with $1.29 a share a year earlier. Analysts were expecting $1.10 a share.

Revenue rose to $37.34 billion from $35.21 billion in the year-ago period. Analysts were looking for $36.73 billion.

The company recorded $5.67 billion of litigation charges for the quarter.

In October, a $260 million late-night settlement among four drug companies, including Cardinal Health, and two Ohio counties averted a trial over who is to blame for the opioid crisis, clearing the way for broader talks aimed at resolving thousands of opioid-addiction cases nationwide.

Of the total amount, $215 million would go to Ohio's Cuyahoga and Summit counties from Cardinal Health, McKesson Corp. (MCK) and AmerisourceBergen Corp. (ABC).

The company reaffirmed its fiscal 2020 guidance for adjusted earnings to be between $4.85 a share to $5.10 a share.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

November 07, 2019 07:45 ET (12:45 GMT)

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